Are you saving for retirement with a 401(k)? If so — private equity billionaires want to make money off of you.

If you’ve got a 401(k), the vast majority of it is probably invested in stocks and bonds. These are assets that are publicly traded, where companies are required to provide you with clear information about your investments. They also have to follow strict guardrails to protect your money from frauds and scams.

Private equity firms, on the other hand, aren’t required to follow strong rules. They don’t have to give you clear information about their investments. And here’s the kicker: They charge huge fees and take a big cut off the top — sometimes as much as 20 percent.

It would be one thing if these expensive, risky investments paid off. But recent data shows that private equity is not even making their clients more money than just plain old stocks and bonds.

So to sum it up: These private equity billionaires want to rake in even more cash by using your 401(k) to make their secretive investments. And they’re coordinating with the firms who manage 401(k)s to do it. The data shows it won’t make you richer — but it will make the private equity guys richer.

I’m fighting back. I’ve got some serious questions about how any of this is good for Americans saving for retirement. That’s why I’m probing Empower, one of the largest workplace retirement plan recordkeepers, about their recent decision to allow employers to include private equity firms as an investment option — and I won’t back down until the American people have answers.

Add your name if you’re with me: Private equity firms should not be allowed to gamble with Americans’ retirement savings.

I’ve been raising the alarm about what private equity is doing to our economy for a while now. From beloved stores like Joann’s Fabrics, Party City, and Toys R Us, to neighborhood staples like Red Lobster, private equity firms bought up these businesses and hollowed them out. And each time they follow the same playbook.

Step one: A private equity firm buys a business like Red Lobster.

Step two: They strip the company of its assets to turn a profit. In the case of Red Lobster, this meant selling the land that their restaurants were built on.

Step three: Red Lobster starts drowning in debt trying to pay rent on the land it used to own and trying to pay off the private equity companies’ expensive fees.

Step four: Red Lobster, now saddled in debt, is forced to file for bankruptcy. Workers lose their jobs, people lose their retirement savings.

So why haven’t you heard about this whole scheme? Well, these private equity firms have also mastered the art of the cover-up. Private equity is one of the great unknown shapers of our economy — a handful of Wall Street firms that suck huge amounts of money out of industry by industry. And most people have never even heard of them.

With Red Lobster, they tried to tell us the restaurant just gave away too much shrimp. Or take Joann Fabrics — they claimed people don’t care about crafts anymore. Huh?

Private equity doesn’t discriminate when it comes to its looting wherever it can. Sometimes it’s a beloved franchise like Red Lobster or Toys R Us. Sometimes it’s a life-or-death industry, like firetruck manufacturing, hospital systems, nursing homes, or veterinary clinics.

This time, it’s our 401(k)s, which is how countless Americans are able to retire with dignity and financial security.

I’ll keep fighting to raise the alarm about these powerful, secretive forces shaping our economy. Add your name if you’re with me: powerful interests like Wall Street private equity firms should stay far, far away from retirement funds.

I’ll continue to use every tool in our toolbox to hold them accountable, fight back against their anti-competitive behavior, and protect consumers.

Thanks for being a part of this,

Elizabeth